Taxi Insurance Comparison

Taxi Insurance Comparison

No matter where in the UK you operate, be it Birmingham or Belfast, London or Liverpool, Leeds or Leicester, one annoying fact remains true, you’ll need Taxi Insurance. Being a cabbie can be a great and rewarding career, the banter with clients and the flexibility with hours are all perks that make many cabbies love their job. Of course working with members of the public on a regular basis and in congested cities also comes with it’s risks. Damages, liability claims and breakdowns are all common threats to a cabbies income. The best way to protect yourself against these unexpected costs is to take out the right taxi insurance at a great price. Whether you are looking at insuring a black cab or minicab for private hire or public hire, you’ll want to compare as many taxi insurance quotes as possible to ensure you’re getting the best deal possible.

The location in which you operate in the UK will all have a big impact on your taxi insurance premiums. This is due to the risk factors associated with certain regions and the likelihood that you’ll end up making a claim. Other factors that will influence your taxi insurance premiums include your actual taxi and its age, make and model. Your driving history will also be a big part of your insurance premium calculations as insurers will want to know if you have made any claims previously.

What is Taxi Insurance?

There are various different types of taxi insurance available on the market with varying levels of coverage. These insurance products protect you against costs associated with third-party damage costs as well as damage to your own cab depending on your coverage.

The most common types are:

• Private hire taxi insurance
• Public hire taxi insurance
• Minibus, MPV taxi insurance

The level of coverage you can take out for taxi car insurance is the same as regular car insurance, this excludes liability insurance in relation to passengers which can be added to your policy.

• Third-party only
• Third-party, fire and theft
• Fully comprehensive.

Third-party insurance is the minimum required level of insurance to legally drive on UK roads and so as a cabbie this is the bare minimum required insurance. Third-party is usually the cheapest taxi insurance option available to taxi drivers but it will only provide you cover for damage to third parties.

Comprehensive insurance on the other hand is typically the more expensive coverage but is superior to a third party policy as it will cover the costs of damage to your cab, even when you are at fault.

Given that taxi drivers typically cover a much larger number of miles than a regular car, insurers will refuse to cover taxi work under a standard car insurance policy. Since taxi drivers come with their own unique risk profile compared with other motorists, you can expect your taxi insurance premiums to be higher than standard car insurance coverage. Getting cheap taxi insurance doesn’t need to be difficult however, we can help you quickly compare taxi insurance quotes and help you find the best taxi insurance policy for you.

What type of insurance does a taxi need?

The minimum legal requirement for driving in the UK is third-party insurance for all drivers, regardless if they are driving for business or private reasons. As mentioned above, the levels of coverage available to taxi drivers range from third party only, third party, fire and theft and comprehensive.

Public liability or taxi liability insurance is also strongly recommended as this will protect you against claims from passengers and members of the public. Instances where taxi drivers may be at risk include injuries or property damage to passengers, and injury or damages to members of the public as a result of your services.

Public liability insurance can offer you cover from any successful claims with most public liability coverage insuring you for a minimum of £1 million. It can also be used for any legal defence costs you may insure such as hiring a lawyer.

You may also require taxi breakdown cover in order to insure your taxi against any unexpected breakdown costs. This is unfortunately not included as standard in most taxi insurance policies and so will often need to be chosen as an add-on or stand-alone policy.

How much is taxi insurance?

Although it is possible to get cheap taxi insurance online, the exact price is difficult to determine without getting a quote. This is due to the fact that your insurance premiums are calculated by various different factors that are unique to you. These factors include but are not limited to the following.

• The are you operate your cab
• Where your cab is stored at night
• The age of cab
• Is your cab modified
• Have you ever made any previous claims
• Your driving history

Each lender will give these variables a different weight when using them to decide your final premium price. Because of this you should always compare multiple lenders to ensure you are getting the best taxi insurance on the market.

Can I use my personal No Claims Bonus when I insure my taxi?

It is certainly possible to take advantage of your no-claims bonus when insuring your no-claims bonus, this will largely depend on the insurance firm you insure with. Some insurers will not allow for the utilisation of your personal no-claims bonus when taking out a new policy but you may have access to lower premiums.

How to get cheap taxi insurance?

There are some solid and practical steps you can take as a cabbie to start saving on your insurance premiums. We’ve compiled a list of some common factors that can push your premium prices down.

• Keep a clean driving record – Charges and previous driving offences will put off insurers and make them raise your premiums to compensate the risk.
• Choose a cheaper cab – High end vehicles are always more expensive to insure and this goes for cabs too.
• Maintain your cab – Keep your cab well serviced
• Opt for higher excess – This will mean you pay more in the event of a claim but you pay less in your premiums

Why is taxi insurance so expensive?

Taxi drivers typically travel far greater miles than other motorists, so there are more opportunities for breakdowns and accidents to happen along the way. The fact that taxi operators are usually dealing with members of the public on a regular basis in crowded population centres also increases the risk of an incident or claim. As a result, taxi insurance, whether it be for private or public hire, does tend to be more expensive than a regular car insurance policy. But it doesn’t have to be this way!

Here at Tiger.co.uk, we provide access to a panel of over 110 UK-based specialists to help our customers find the best taxi insurance options for them. Our taxi insurance comparison system means it’s never been easier to compare taxi insurance quotes in a matter of minutes. Get cheaper online taxi insurance today!

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